A government group called ASIC found big problems with companies that manage retirement money. These companies did not check fees and did not keep money safe.

一個名為 ASIC 的政府機構發現管理退休金的公司存在嚴重問題。這些公司沒有檢查費用，也沒有確保資金安全。

Two big funds closed and 11,000 people lost $1 billion. ASIC checked six companies. These companies let people pay too much in fees. Some companies did not check the documents for a whole month.

有兩大基金關閉，導致 11,000 人損失 10 億美元。ASIC 檢查了六家公司，發現這些公司讓客戶支付過高的費用。有些公司甚至整個月都沒有檢查文件。

These companies grew very fast. They have more money now, but they do not have good rules to stop risks. They care more about growing than helping their members.

這些公司成長速度極快。雖然現在資金增加，但缺乏良好的規則來防範風險。他們比起幫助會員，更在意公司的成長。

Young people now use social media to learn about money. But there are fewer professional helpers today. This makes it hard for people to get good advice.

現在年輕人利用社群媒體學習理財。但如今專業的協助者減少，使得人們難以獲得良好的建議。

ASIC told the companies to fix these problems now. They must protect the people's money.

ASIC 要求這些公司立即解決這些問題。他們必須保障人民的資金。

The Australian Securities and Investments Commission (ASIC) has published a report showing that superannuation platform trustees have failed to monitor high fees and protect the assets of their members.

澳洲證券及投資委員會 (ASIC) 發表的一份報告顯示，退休金平台受託人未能有效監控高額費用並保護其會員的資產。

This investigation was caused by the collapse of the Shield and First Guardian Master Funds, which led to the loss of about $1 billion in retirement savings for over 11,000 people. ASIC reviewed six trustees managing a total of $300 billion and found that they consistently failed to control financial advice fees. For example, fee limits were often too high, and 50% of the trustees failed to check advice documents during at least one month of the study.

此次調查是由於 Shield 和 First Guardian Master Funds 的崩潰而引起，導致超過 11,000 人的退休儲蓄損失約 10 億澳元。ASIC 審查了管理總計 3,000 億澳元資產的六家受託機構，發現他們始終未能控制理財建議費用。例如，費用上限通常過高，且在研究期間，50% 的受託機構在至少一個月內未能檢查建議文件。

Furthermore, the growth of these institutions has happened faster than their ability to manage risks. Between 2015 and 2025, member benefits grew from $123 billion to $396 billion, while advice fees increased four times to $2.3 billion. Consequently, there is a conflict between the desire for growth and the legal duty to act in the members' best interests. ASIC emphasized that trustees did not properly check the business models of advice providers, especially regarding how they find new clients.

此外，這些機構的成長速度快於其管理風險的能力。在 2015 年至 2025 年間，會員權益從 1,230 億澳元增長至 3,960 億澳元，而理財建議費用則增加了四倍，達到 23 億澳元。因此，追求成長的慾望與履行「以會員最佳利益行事」之法律責任之間存在衝突。ASIC 強調，受託機構未能妥善審查建議提供者的商業模式，特別是關於他們如何開發新客戶。

At the same time, the Association of Superannuation Funds of Australia (ASFA) noted a change in how people find information. Young people aged 18 to 34 are ten times more likely to use social media for retirement data than those over 65, even though they do not trust these sources. This problem is made worse because the number of licensed financial advisers has dropped by 40% over ten years, while the number of account holders has increased by 20%.

與此同時，澳洲退休金基金協會 (ASFA) 注意到人們獲取資訊的方式有所改變。18 至 34 歲的年輕人使用社交媒體搜尋退休資料的可能性是 65 歲以上人士的十倍，儘管他們並不信任這些來源。由於過去十年中，持牌理財顧問人數下降了 40%，而帳戶持有者人數卻增加了 20%，使得這個問題更加嚴重。

ASIC has ordered trustees to fix these management gaps immediately to prevent further financial losses for retirement savers.

ASIC 已命令受託機構立即修復這些管理漏洞，以防止退休儲蓄者遭受 further 財務損失。

The Australian Securities and Investments Commission (ASIC) has released a report detailing significant failures by superannuation platform trustees to monitor excessive fees and safeguard member assets.

澳洲證券投資委員會 (ASIC) 發布了一份報告，詳細說明退休金平台信託人在監控過高費用及保障會員資產方面的重大失職。

The regulatory scrutiny was precipitated by the collapse of the Shield and First Guardian Master Funds, which resulted in the loss of approximately $1 billion in retirement savings for over 11,000 individuals. ASIC's review of six platform trustees, managing an aggregate of $300 billion, revealed a persistent failure to implement adequate controls over financial advice fees. Specifically, the regulator noted that fee caps were frequently suboptimal or excessively high, with one instance involving a proposed $30,000 cap. Furthermore, a lack of rigorous auditing was observed, as 50% of reviewed trustees failed to conduct advice document checks during at least one month of the observation period.

此次監管審查是由 Shield 與 First Guardian 主基金崩潰所觸發，導致超過 11,000 人損失約 10 億澳元的退休儲蓄。ASIC 對六家管理總額達 3,000 億澳元的平台信託人進行審查，發現其在實施理財建議費之適當控制方面持續失效。監管機構特別指出，費用上限經常不理想或過高，其中一例甚至提出了 3 萬澳元的上限。此外，審查發現缺乏嚴格的審計，在觀察期間，50% 的受審信託人曾在至少一個月內未能進行建議文件檢查。

Institutional growth has outpaced the implementation of risk management frameworks. Between June 2015 and June 2025, member benefits on platforms increased more than threefold, rising from $123 billion to $396 billion, while associated advice fees quadrupled to $2.3 billion. This expansion has created a structural tension between the pursuit of volume growth and the fiduciary obligation to act in the members' best interests. ASIC highlighted a critical lack of due diligence regarding the business models of advice licensees, particularly concerning the utilization of third-party lead generators and the monitoring of anomalous fund flows or member churn.

機構的成長速度已超過風險管理框架的實施進度。在 2015 年 6 月至 2025 年 6 月間，平台的會員權益增加了三倍以上，從 1,230 億澳元增至 3,960 億澳元，而相關的建議費則增至四倍，達到 23 億澳元。這種擴張在追求規模成長與履行對會員最佳利益的受託義務之間，造成了結構性緊張。ASIC 強調，對於建議持牌人的業務模式缺乏盡職調查，特別是關於第三方潛在客戶生成器的使用，以及對異常資金流動或會員流失的監控。

Concurrent with these regulatory findings, the Association of Superannuation Funds of Australia (ASFA) has identified a demographic shift in information procurement, noting that individuals aged 18 to 34 are ten times more likely to utilize social media for retirement data than those over 65, despite low trust levels in such sources. This trend is exacerbated by a 40% decline in licensed financial advisers over the last decade, coinciding with a 20% increase in superannuation account holders, thereby restricting access to professional guidance.

與這些監管發現同時，澳洲退休金基金協會 (ASFA) 發現資訊獲取的人口結構發生轉移，指出 18 至 34 歲者使用社交媒體獲取退休數據的可能性是 65 歲以上者的十倍，儘管對此類來源的信任度較低。由於過去十年持牌財務顧問減少了 40%，而退休金帳戶持有者增加了 20%，限制了專業指導的獲取，進而加劇了這一趨勢。

ASIC has mandated that trustees immediately rectify these oversight gaps to prevent further financial harm to retirement savings.

ASIC 要求信託人立即填補這些監督漏洞，以防止退休儲蓄遭受進一步的財務損失。